First time working with a wholesaler

[Brooke Morton]

Hi BP! I have a property that I will be selling to a wholesaler. This will be my first time doing a wholesaler deal. I have a few questions and would love to chat with someone if they have 10 minutes. I've researched a bit about how they get paid and the fees they take, but had more questions about how the deal works -- if a title company is involved, and if it's expected to only work with one wholesaler at a time, etc

Any info much appreciated!

[Katlynn Teague]

Hey Brooke! 

I would be more than happy to help you! 

Typically when you go under contract with a wholesaler, the wholesaler has a certain amount of due diligence, during that due diligence period the wholesaler will be trying to assign the rights of the contract over to another buyer for a fee. Then the wholesaler is compensated at close, once the transaction has closed. 

If a title company is involved, nothing changes.

Most of the time the properties that are being wholesaled are extremely distressed. These properties are bought at a majorly discounted price, then a fee is added on top, and the investor still has to make a profit on the backend. I saw on your profile you are a rental property investor, I would assume the property you are looking to sell is in good condition. The best bet for you may be to list on the MLS.

@David Ramirez is based in Florida and he would be a great resource!